Reverse mortgages allow you to convert part of the equity in your home into cash without having to sell your home or pay additional montly bills. There are so many benefits to doing a reverse mortgage, as well as several requirements. Reverse mortgages are intended to give you greater financial security, and is rising in popularity. They don't have to be paid off until the borrower is not using the home.
Some of the requirements:
- 62+ years old
- Must own your home free and clear, or a very low mortgage balance
- Must live in the home
If you meet the requirements, this is a great way for financing.